Answers will be in the details. As a generalization, probably yes.
On what computer operating system is your Premiere Elements 12 running on? Have you updated 12 to the 12.1 Update? If not, please do so using an opened project's Help Menu/Update.
What are the properties of your source media that you are trying to import into your Premiere Elements project?
AVCHD.mts or AVCHD.mp4, 1920 x 1080 @ 60 progressive frames per second or other?
How are you trying to import files from your Sony HDR-XR160
a. Add Media/Videos from Flip or Camera/Video Importer - involves USB connection between camera and computer on which Premiere Elements is installed
b. Add Media/Files and Folders from the hard drive save location to where your files have been transferred from camera to computer.
Try setting the project preset manually first
NTSC AVCHD 1080p60
and then importing the 1080p60 into the project with that Add Media/Videos from Flip or Camera/Video Importer or Add Media/Files and Folders.
See details of manually setting project preset toward the bottom of the following blog
If your program is on a Mac computer, use the AVCHD.mp4 choice instead of the AVCHD.mts choice or convert the AVCHD.mts to
AVCHD.mp4 if your are dealing with videos already recorded.
More details will help us to help you.